Knox: Revolutionizing Insurance Industry
The insurance sector date back to the fourteenth century in Italy, merchants, in fact, began to ensure the goods transported due to the excessive presence of pirates. At the beginning, it was just a verbal assurance, but in the fifteenth century the first insurance was issued in the form of a written policy: a contract between the company and the insured, in which all theclauses of the insured circumstance appear. Today insurance industry is a mature industry which is due for changes and distruptions.
Insurance industry is due to be distrupted and this what the project I want to write about aims to do with the innovative technology of blockchain and Ethereum smart contract. Knox aim to decentralized the whole insurance industry by changing traditional known insurance policy from paper work to smart contract.
According to Wikipeadia, A smart contract is a computer protocol intended to digitally facilitate, verify, or enforce the negotiation or performance of a contract. Smart contracts allow the performance of credible transactions without third parties. These transactions are trackable and irreversible.[1] Smart contracts were first proposed by Nick Szabo, who coined the term, in 1994. Knox project is going to use EthereumBlockchain and its smart contract which currently has a large usecase and industrial applications.
The KNOX project will provide the creation of the first insurance company which will merge the real world with the digital one using Blockchain technology, thereby creating the most efficient and advanced structure in the sector, to find a solution to the problem of certification and anti-forgery of insurance policies.
Blockchain in its public implementations solves the fundamental problem of creating a trustless and permissionless network, where the participants can consider valid a transaction, and therefore also a possible related certification, thanks to the consent mechanism generated by the system of incentives and disincentives among the parties involved. The non-falsifiable certification of documents is one of the most important applications of Blockchain technology, as a certified document in the Blockchain can NEVER be falsified.
Benefits Of Blockchain Insurance Industry
Blockchain will be of tremeadous benefits to all players(Costumers, Insurance companies and Brokers), in the insurance insdutry.
Costumers
Smart Contract will prevent the diffusion of fradulent insurance policies which maybe very hard for the costumer to understand because it is the same smart contract that will execute the policy
The costumer will have full control because everything is viewable and checkable on the public blockchain
He or she will also be able to access all details about an insurance company on the internet with his phone o computer
Insurance Companies
- There will not be any delay in collecting premiums with the help of the automated smart contract.
- A fradulent policy cannot be charged with the company.
Brokers
- It will ensure earning credibility in front of policy holders and beneficiaries
- Imediate allocation of commissions and instant check up of his admins.
Tokenation and ICO Details
The platform native token is an ERC20 compliance utility token which will be use by cotumers to pay premiums also access the maximum degree of policy authenticity with the help of smart contract.
All unsold token will be burn after the ICO and this will further improve the value of the token.
ICO Details
Ticker: INSC
Type: ERC20
Total Supply: 500’000’000 INSC
Tokens for sale: 270’000’000 ISNC
Exchange rate: 1 ETH = 5’000 INSC
Soft Cap: 4’000 ETH
Hard Cap: 39’444 ETH
Unallocated tokens will be burned after the end of the ICO.
Pre-ICO starts: June 23, 2018
Pre-ICO ends: July 7, 2018
Pre-sale Price : 1 INSC = 0.0002 ETH
ICO Price: 1 INSC = 0.0002 ETH
Accepting: ETH
Soft cap: 4000 ETH
Hard cap: 39444 ETH
Bonuses: Up to 30%
ICO starts: July 23, 2018
ICO ends: August 23, 2018
The project team are experts from financial sectors and blockchain technology sector, they have what it taks to run the project.
Useful Links
Project Website
Whitepaper
Telegram Open Chat
Author : Adeyinka Joshua
Bitcointalk Username: Adebits
Bitcointalk Profile Link: https://bitcointalk.org/index.php?action=profile;u=1249179